A loan was taken out on January 1,2007 at a simple interest rate of 8.5%.Interest is to be calculated using ordinary interest (banker's rule).The amount repaid on December 29,2007 is $13,027.02.What was the original amount of the loan?
A)$11,998.64
B)$12,001.25
C)$12,006.47
D)$12,014.21

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The Answer of A loan was taken out on January 1,2007 at a simple interest rate of 8.5%.Interest is to be calculated using ordinary interest (banker's rule).The amount repaid on December 29,2007 is $13,027.02.What was the original amount of the loan?
A)$11,998.64
B)$12,001.25
C)$12,006.47
D)$12,014.21

A Loan Was Taken Out on January 1,2007 at a Simple